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Loans to a Prepaid Debit Card
No traditional checking account? A reloadable prepaid card with a routing number can often receive your loan and handle repayment.
Roughly one in twenty American households does not have a bank account, and many more rely on a prepaid card as their main way of holding money. Most online lenders exclude them outright. We can often work with a prepaid card, but the rules are narrower than for a checking account and it is better to know them before you apply than after.
| Key loan information | Details |
|---|---|
| Loan amount | $200 – $5,000 |
| Card requirement | Reloadable prepaid card in your name with a routing and account number |
| Must support | Direct deposit and ACH debits |
| Not accepted | Gift cards, non-reloadable cards, cards not in your name |
| Funding | ACH to the card, typically same or next business day |
| Repayment | ACH debit from the same card account |
| Credit check | Soft inquiry, no FICO® impact |
Which prepaid cards usually work
The test is simple: if the card has its own routing number and account number and can receive direct deposit, it can usually receive a loan. Cards from established providers such as Netspend, Green Dot, Chime, Varo and Current generally meet that test. A store gift card or a non-reloadable card never will.
- Must be reloadable and registered in your legal name
- Must have a routing and account number, which you will find in the card's app or statement
- Must accept both incoming direct deposits and outgoing ACH debits, since that is how repayment works
- Must have been active for at least 30 days with visible deposit history
How we verify income without a bank
The deposit history on the card does the same job as a bank statement. We look for regular incoming deposits, wages, benefits or platform payments, over a couple of months. If your income arrives as cash that you load manually, load it consistently: irregular self-loads are harder to read as income than a direct deposit.
Worth considering
If you have been declined elsewhere for not having a bank account, several banks now offer low-cost accounts with no overdraft fees and no minimum balance, certified under the Bank On national standards. Opening one widens the lenders available to you and usually makes funding faster.
Related pages
Loans that work with Chime, instant debit card funding, and bad credit loans.
Frequently asked questions
Can I get a loan deposited to a prepaid card?
Often, yes. The card must be reloadable, registered in your name, have its own routing and account number, accept direct deposit and allow outgoing ACH debits for repayment. Gift cards and non-reloadable cards do not qualify.
Which prepaid cards work for loan deposits?
Any card that can receive direct deposit and has a routing and account number, which includes cards from established providers such as Netspend, Green Dot, Chime, Varo and Current. Check your card's app for the account details.
How is income verified without a bank account?
Through the deposit history on the card itself. We look for regular incoming deposits over a couple of months, whether wages, benefits or platform payments.
How do repayments work on a prepaid card?
Payments are drafted by ACH from the same card account on the dates in your agreement. If the balance is short the payment fails and a returned payment fee of up to $25 may apply, so set the money aside in advance.
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